Mobile apps on fuel prices could deliver consumers and SMEs hefty savings on their fuel bills, according to the nation’s competition watchdog.
Analysis by the Australian Consumer and Competition Commission (ACCC) found that if Sydney motorists bought their fuel on the cheapest day in the weekly price cycle, the savings would have amounted to an average of 2.6 cents for each and every litre of E10.
“Motorists who fill up weekly can make substantial savings by avoiding the six most expensive days in the price cycle,” ACCC Chairman Rod Sims said.
“Motorists that can fill up less frequently, however, and therefore buy petrol when prices are falling can save much more.”
However, substantially greater savings can be achieved by taking advantage of petrol price apps and websites, he said.
“Our advice for those looking to save even more, say 15-20 cents per litre, or $9-12 a tank, is to time your purchases by using the price cycle advice on the ACCC website, then use fuel price transparency apps or websites to find the most competitive fuel price near you,” said Mr Sims.
“There can be significant price differences between sites at different points in the price cycle, so motorists that shop around can save themselves a lot of money.”
Such savings could amount to millions of dollars back in the pockets of consumers and businesses.